TMI Blog2016 (10) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... That any parties to the Scheme of Demerger and/ or any person or persons interested shall be at liberty to apply to this Court for any directions that may be necessary in regard to the working of the arrangement embodied in the Scheme of Demerger as sanctioned herein. This Court doth further order for payment of ₹ 10,000 as costs in each of this petition awardable to Mr. Devang Vyas, learned Additional Solicitor General of India. - COMPANY PETITION NO. 85 of 2016 In COMPANY APPLICATION NO. 345 of 2015 - - - Dated:- 30-9-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MR SP MAJMUDAR, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN, ADVOCATE with MR DEVANG VYAS, ADVOCATE ORAL ORDER 1. This petition is filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act and rules. It has also been stated that the Petitioner company has not clearly disclosed the entire list of assets and liabilities which are proposed to be demerged and transferred to the resulting company. It has further been mentioned in the said affidavit that there are no complaints against the petitionerCompany. It has further been submitted that there are no other objections to the sanctioning of the scheme. 4. The petitionerCompany has filed its response to the affidavit of the Regional Director on 10.9.2016 by way of an affidavit. In this affidavit the PetitionerCompany has stated that no income tax demand has been raised as on date for the assessment years 2006-07, 200910 and 201011 and that since the PetitionerCompany will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed is in the interest of the company and their members and is not otherwise prejudicial to public interest. 7. This Court doth hereby sanction the Scheme of Demerger set forth in the petition and this Court does hereby declare the same to be )inding on the petitionerCompany and all he members and creditors of the petitioner Company and all other concerned parties and does hereby approve the said scheme of the demerger with effect from the appointed date i.e. 1st April 2016. This Court doth further order : A. That the scheme of demerger embodied in the petition is hereby sanctioned by this Court so as to be binding With effect from 1st April 2016 which is the appointed date, on the petitionerCompany and all their members and creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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